Forum Energy Technologies sold its stake in Ashtead Technology to Buckthorn Partners for $48m.

Forum Energy Technologies, a global oilfield products company, sold its stake in Ashtead Technology, a subsea rentals company, to Buckthorn Partners, a specialist oilfield services investment firm, for $48m. Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented, “The significant proceeds from this transaction will be used to further reduce debt, accelerating Forum’s debt reduction strategy. Over the last three quarters, Forum’s strong free cash flow generation has allowed us to reduce our net debt by approximately $54m, and we expect this momentum to continue in the second half of 2019.